Modification in the Operational Guidelines for Foreign Portfolio Investors, Designated Depository Participants and Eligible Foreign Investors – SEBI to generate FPI registration number and both the Depositories to host the CAF.

To,

1. All Foreign Portfolio Investors (“FPIs”) through their Designated Depository Participants (“DDPs”)
2. Designated Depository Participants (“DDPs”)
3. The Depositories (NSDL and CDSL)

1. 1. The SEBI (Foreign Portfolio Investors) (Amendment) Regulations, 2022 was notified on January 14, 2022 for generation of Foreign Portfolio Investor (FPI) registration number by SEBI.

2. Subsequently, the Department of Economic Affairs, Ministry of Finance, Government of India, vide Notification No. F. No. 4/15/2016-ECB, dated March 29, 2022, amended the Common Application Form (CAF), wherein both the Depositories, viz., NSDL and CDSL have been allowed to host the CAF for FPI registration.

1. 3. In order to operationalize the same, it has been decided to modify the ‘Operational Guidelines for Foreign Portfolio Investors, Designated Depository Participants and Eligible Foreign Investors’, issued vide SEBI Circular No. IMD/FPI&C/CIR/P/2019/124 dated November 05, 2019 (hereinafter referred to as ‘the Operational Guidelines’), as under :
2. 1. a. In Paragraph 6 of Part A of the Operational Guidelines, pertaining to the Certificate of Registration, shall be read as follows :
   2. “The designated depository participant shall grant the certificate of registration, bearing registration number generated by SEBI”
   4. b. In Paragraph 10(iii) of Part A of the Operational Guidelines, pertaining to Name change, shall be read as follows :
   6. “Upon receipt of the request for name change along with abovementioned documents, the DDP shall effect the change in name in the certificate. The DDP shall issue a letter and fresh registration certificate to such applicant acknowledging the change in name. Respective Depositories shall make necessary arrangements for DDPs to provide fresh registration certificate as an acknowledgement from its database including a statement that the name change has been granted without prejudice to any tax liability/ implication in India.”

4. The provisions of this circular shall be applicable with effect from May 09, 2022. Further, all other provisions of the Operational Guidelines shall remain unchanged.

5. This circular is issued in exercise of powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, 1992.

6. A copy of this circular is available at the web page “Circulars” on our website www.sebi.gov.in.

Yours faithfully,

Amit Tandon
General Manager

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